Stella takes a pay cut . . . to a mere £4 million
STELLA McCartney has received a pay cut – albeit one that leaves her with a wage packet most of us would be delighted to have.
Her eponymous fashion label handed her £4 million last year compared with £8.3 million the year before.
The company said sales in the year to the end of December rose by 2 per cent, hitting £42.5 million. But profit fell 4 per cent to £9.1 million.
After the financial year end, McCartney agreed to acquire luxury goods group Kering’s 50 per cent in the firm named after her. Kering had owned the stake since the fashion label was created 17 years ago.
‘It is the right moment to acquire the full control of the company bearing my name,’ she said at the time.
Meanwhile, rival fashion designer Vivienne Westwood has published a financial report that has revealed a 9 per cent increase in sales to £37.5 million.
But Westwood also saw a dip in profit – to £1.9 million, marginally lower than the previous year.
The company said it was ‘repositioning the brand perception of both the main and diffusion lines’ and had triggered strategic efforts to boost sales. ‘The brand continues to remain attractive to its wide customer base and sales continue to be consistent.’
It added that it was pursuing an environmental policy ‘in line with our founder’s motto, “Buy less, choose well, make it last.” ’